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Crude Drops 3.2% Amid Mid East Concerns

ByICM Brokers
Published 09/02/2013, 02:46 AM
Updated 04/25/2018, 04:40 AM
CL

Crude fell for a third day after President Barack Obama said he’ll seek authorization from Congress before ordering a military action against Syria, easing concern that an imminent strike would disrupt Middle East oil exports. Crude dropped as much as 3.2% in New York, the most in more than two months. Obama said on Aug. 31 that he’ll give lawmakers the opportunity to debate and vote on the planned military response to Syria’s alleged use of chemical weapons on residents near Damascus. Congressional leaders have agreed to take up the issue once lawmakers return from their recess on Sept.

OIL



GOLD
Gold, down 27% from the record set two years ago after some investors lost faith in the metal as a store of value, climbed for four weeks as the rout spurred demand for coins, bars and jewelry. Prices gained 6.3% in August, and U.S. equities fell the most in more than a year, as western nations debated a response to alleged chemical-weapons use in Syria. That increased concern about disruptions to Middle East oil supply, and would raise energy costs and stoke inflation.

Gold

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